Consumer Reports has shared some tips for avoiding unnecessary fees when getting cash while traveling abroad.
Everyone should definitely inform their credit card issuer and banks if they plan to travel overseas so they don't unnecessarily put a hold on their accounts. And CR also recommends using bank ATMs to withdraw cash for the best exchange rates.
They suggest several credit cards that don't charge foreign transaction fees --- penalties for converting other currencies into dollars. Beware of these fees on debit cards as well --- according to this creditcards.com article, some banks will also charge 3 percent on purchases and ATM withdrawals.
If you travel frequently, you might consider applying for a credit card or bank account with a debit card that doesn't levy fees for these services. Schwab Bank's high yield investor checking, for example, refunds ATM fees charged worldwide.Copyright © 2015, The Baltimore Sun